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Decommodification of financial regulation : some unpleasant lessons from the 2007 crisis

Listed author(s):
  • Faruk Ülgen

    ()

    (CREG - Centre de recherche en économie de Grenoble - Grenoble 2 UPMF - Université Pierre Mendès France)

The Great Transformation of modern capitalism from the 1980s is the commodification of monetary/financial rules and related regulation. Assuming that free markets result in social optimum, financial liberalization has transformed public regulatory mechanisms into private self-regulation systems relying on market price-directed contractual schemas. In light of the 2007-08 crisis, this article seeks to question this blind faith in the market's self-adjustment capacity. It argues that free markets and individual rationality-based economic efficiency cannot result in social harmony. It maintains that financial stability should not be entrusted to the vicissitudes of markets. It then suggests the decommodification of financial supervision through alternative public regulation that seeks social-stability and economic viability.

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File URL: https://halshs.archives-ouvertes.fr/halshs-01111178/document
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Paper provided by HAL in its series Post-Print with number halshs-01111178.

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Date of creation: 02 Jan 2015
Publication status: Published in ASE at ASSA annual meetings "Commodities, commodification and alternatives to exchange", Jan 2015, Boston, United States. 16 p., 2015
Handle: RePEc:hal:journl:halshs-01111178
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-01111178
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  1. Beck, Thorsten & Demirguc-Kunt, Asli & Levine, Ross, 2006. "Bank concentration, competition, and crises: First results," Journal of Banking & Finance, Elsevier, vol. 30(5), pages 1581-1603, May.
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